Lagos State Governor Babajide Sanwo-Olu on Wednesday unveiled a proposed 2024 budget of 2.2 trillion naira ($5.2 billion) focused on cushioning economic pressures facing Nigeria’s largest city.

Dubbed the “Budget of Renewal,” Sanwo-Olu’s spending plan earmarks 1.02 trillion naira for operating expenses and 1.22 trillion naira for capital investments – a 55/45 capital/recurrent split.

Presenting the budget to the State House of Assembly, the governor said it aligns with his administration’s development roadmap dubbed T.H.E.M.E.+ while consolidating gains from previous years. Initiatives aim to renew growth and opportunity for Lagosians burdened by inflation, fuel subsidies and broader fiscal instability.

The proposal comes after solid performance for Lagos’ 2023 budget, which is 78% executed through Q3. The state forecasts approximately 90% implementation for the year.

If approved, the record “Budget of Renewal” would deploy targeted social spending and critical infrastructure upgrades to shield Lagos from prolonged federal uncertainty. Governor Sanwo-Olu continues angling the state as a model of resilience and inclusive development.